You can't enjoy both sides of a desirable situation; choices often involve sacrifices.
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You cannot enjoy two things that are mutually exclusive at the same time.
When someone says you can't have your cake and eat it too, they mean you have to choose — you can't keep something and use it up at once.
It's used when someone wants the benefits of two options without accepting the trade-offs of either.
"Have It Both Ways"
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To benefit from two contradictory situations at the same time
"Bite Off More Than You Can Chew"
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To take on more responsibility than you can actually handle
"You Can't Have Your Cake and Eat it Too"
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You must choose — you can't keep two incompatible benefits at once